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    The Largest CRE Database in the US with Over 1 Million Listings
    Property profile & analytics

    31216 Warren Rd Westland, MI 48185

    • Lifestyle centers
    • 28,000 SF
    For Lease
    View listing
    $12 SF/Yr
    Value Estimations
    Cap Rate Potential
    Location Intelligence

    Current Use by Public Records

    • Lifestyle centers

    Property Details for 31216 Warren Rd

    Property size
    28,000 SF
    Property type
    Lifestyle centers
    Property subtype
    Power centers

    Description

    This exceptional retail opportunity presents the entire 28,000 square foot Merriman-Warren Shopping Center, located at 31216-31246 Warren Road in Westland, Michigan, 48185, within Wayne County. Currently, the entire center is available for lease, offering a unique chance to establish a significant presence in a thriving Westland community. The property is classified as a multi-tenant shopping center, providing flexibility for various retail concepts. Individual spaces can be leased starting at 900 square feet, allowing for customization to suit specific business needs. However, the entire 28,000 square feet is also available for lease to a single tenant seeking a large, contiguous space. This presents a rare opportunity for a business looking to establish a flagship location or consolidate operations. The property's strategic location on Warren Road offers high visibility and accessibility, ensuring significant foot traffic and convenient access for customers. This is an ideal location for businesses seeking a prominent presence in a busy commercial area of Westland, Michigan. The property is ready for immediate occupancy. Interested parties should inquire for lease terms and conditions.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

    • CAP approach

    • Comparable approach

    • Alternative Use

    Location Insight

    • Map
    • Local Demand
    City
    Westland
    County
    Wayne
    State
    Michigan
    Longitude
    -83.3494
    Latitude
    42.3387

    Comparable in this City

    • Value Estimation by Request
      162,874 SF

      35705 Warren Rd

      Lifestyle centers • 162,874 SF
      35705 Warren Rd, Westland, MI 48185
      View Details
    • Value Estimation by Request
      29,561 SF

      32838-32888 Warren Rd

      Lifestyle centers • 29,561 SF
      32838-32888 Warren Rd, Garden City, MI 48185
      View Details
    • Value Estimation by Request
      215,415 SF

      36577-37001 Warren Rd

      Power centers • 215,415 SF
      36577-37001 Warren Rd, Westland, MI 48185
      View Details
    • Value Estimation by Request
      141,738 SF

      34518-34794 Warren Rd

      Neighborhood centers • 141,738 SF
      34518-34794 Warren Rd, Westland, MI 48185
      View Details
    • Value Estimation by Request
      7,500 SF

      35115 Warren Rd

      Neighborhood centers • 7,500 SF
      35115 Warren Rd, Westland, MI 48185
      View Details
    • Value Estimation
      $7,305,000
      140,048 SF

      34500 Warren Rd

      SHOPPING CENTER, STRIP CENTER • 140,048 SF
      34500 Warren Rd, Westland, MI 48185-2791
      View Details

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    Similar Nearby for Lease

    • $12 SF/Yr
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      Merriman-Warren Shopping Center: Westland, MI

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      31216 Warren Rd, Westland, MI 48185
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    31216 Warren Rd
    Westland, MI 48185
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
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